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Topic simple or compound intrest? Go to previous topic Go to next topic Go to higher level

By debbiecoo On 08/14/01  

Please tell me how credit card intrest is calculated. Is it simple or compound? If I use a card for a large purchase and if the rate would be the same as the banks (simple intrest), would it be the same if the time periods were the same. I'm trying to decide if I'm better off with a bank loan with simple intrest. Thanks.
Debbie



By The_Insider On 08/17/01  

The most common way that credit card interest is calculated is on the Average Daily Balance (ADB). The Annual Percentage Rate (APR) is divided by 365 days and the finance charge is calculated on the ADB on a daily basis.



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